I am selling my flat in Chelsfield and the EA has just text me to advise that the purchasers are swapping law firm. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Chelsfield ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
We are getting closer to an exchange on a property in Chelsfield and my mum and dad have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has not come from me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The lawyer is legally required to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Do lenders provide you with an approved list of Chelsfield conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Chelsfield conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Despite weeks of looking the Title Certificate and documents to my house are lost. The solicitors who handled the conveyancing in Chelsfield 5 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title official documentation to evidence that you are the owner of your registered land or premises, given that the Land Registry have everything they need in a digital format.
Just had an offer accepted on a new build flat in Chelsfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Chelsfield
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I work for a reputable estate agent office in Chelsfield where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Chelsfield conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Chelsfield conveyancing firm to act on my behalf?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to decide the premium.
An example of a Lease Extension case for a Chelsfield flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.